can someone help me with these accounting questions?

Final Exam REVIEW 1. Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called 2. Unearned revenue is reported as a(n) 3. The income summary account, after adjusting entries are posted, reflects the 4. If the ending inventory is understated for any reason, 5. Sports, Inc., plans to sell season football tickets for the 10 games played from September through November. These tickets sell for $5 each at the gate or for $45 per season package purchased before April 30. On April 30, the office reports that it has sold 200 season ticket packages and has only 50 left. The correct entry to record the sale of the season tickets is 6. Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory 7. Cash received prior to delivering a product or performing a service is called a(n) 8. An example of a contra-revenue account is 9. Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts? 10. Merchandise Inventory is listed as a(n) 11. At the end of the accounting period, the correct entry in the general journal to adjust for ending inventory is to 12. The heading on a financial statement includes which of the following information, in the order shown? 13. Net sales minus cost of goods sold equals 14. Accumulated depreciation amounts are shown as deductions from the 15. A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n) 16. Cash and all other assets that may be reasonably expected to be converted to cash or consumed within one year or the normal operating cycle of the business are classified as 17. Assets that are used for several years in the operation of a business are called 18. The following information was taken from the financial statements of Ashley's Linens: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities 4,000 Owner's equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000 The working capital of Ashley's Linens is 19. The ability of a business to meet its current obligations may be determined by the 20. The entries that transfer the balances of the temporary owner's equity accounts to the permanent owner's equity account are called 21. The third step in the closing process is to transfer the balance in which of the following accounts to the permanent owner's equity account? 22. After the temporary owner's equity and drawing accounts are transferred to the permanent owner's equity account, which of the following accounts will have a balance? 23. Closing entries are made in the 24. In view of past experience, it is expected there will be a loss due to uncollectible accounts of an amount equal to one-half of one percent of the sales on account during the year. If the sales on account amounted to $250,000, the estimated uncollectible account losses would be 25. The adjusting entry to record an increase in Allowance for Bad Debts involves 26. The accounting concept that states expenses should be recognized in the same period with the revenues they helped to produce is the 27. Last year, the Tilden Co. had credit sales in the amount of $470,000, and it had uncollectible accounts in the amount of $4,700. Based on last year, what would the percent of estimated uncollectible accounts be this year? 28. Which of the following is a method of accounting for uncollectible accounts? 29. The expense associated with an uncollectible account is recognized when it has been determined that a customer will not pay the amount owed under the 30. Dude Ranch Circle estimates its uncollectible accounts at 1.5% of its credit sales of $825,000. When adjusting for estimated losses from uncollectible accounts, the debit to Bad Debt Expense is 31. The allowance for bad debts account is contra to which of the following accounts? 32. After aging the accounts receivable, it is estimated that $1,200 will not be collected and the allowance account has an existing credit balance of $400. If the accounts receivable total $130,000, the net receivables would be 33. Under the allowance method, to write off an account that has been determined to be uncollectible, the entry would include 34. After aging the accounts receivable, it is estimated that $790 will not be collected and the allowance account has an existing debit balance of $230. The adjusting entry under the aging approach would be for the amount of 35. After aging the accounts receivable, it is estimated that $420 will not be collected and the allowance account has an existing debit balance of $100. If accounts receivable is $145,000, the net receivables would be 36. Accountants argue that which of the following approaches to estimating Allowance for Bad Debts provides a realistic estimate of the net receivables? 37. After aging the accounts receivable, it is estimated that $700 will not be collected and the allowance account has an existing credit balance of $100. The adjusting entry under the aging approach would be for the amount of 38. The direct write-off method is 39 Under the direct write-off method, when an account receivable is written off in one accounting period and is collected in the following accounting period, which of the following would be included in the journal entry? 40. A note on which no rate of interest is specified is a(n) 41. When a business endorses a note and transfers it to a bank, the process is called 42. The person who promises to pay a certain amount of money at a definite future time is called the 43. The face amount of a note that is promised to be paid at maturity is called the 44. A $7,300, 11.9% note is dated April 21 and is due in 60 days. The amount of interest on the due date of the note would be 45. A $6,700, 8.5% note is dated April 10 and is due in 75 days. The maturity value of the note would be 46. When a bank collects a note for the holder, it notifies the holder on a form called a 47. A $5,000, 12% note is dated April 10 and is due in 90 days. The due date would be 48. When the holder of an interest-bearing note is unable to collect the note when due, the journal entry includes 49. Face value of a note plus interest is called the 50. The adjusting entry for accrued interest on a notes receivable includes 51. American Bank has loaned $12,000 to Shoreline Petroleum Inc. using a 60-day non-interest-bearing note. The bank discounted the note at 12%. The proceeds of the loan will be 52. Tangible assets include 53. The write-off of the cost of plant and equipment is called 54. The write-off of the cost of an intangible asset is called 55. Which of the following is NOT a way of calculating the amount of depreciation for each period? 56. Use the following data: Asset cost $120,000 Expected life 3 years Estimated salvage value $15,000 Using the straight-line method, the amount of depreciation each year would be 57. Use the following data: Asset cost $80,000 Expected life 3 years Estimated salvage value $7,000 Using the declining-balance method, the amount of depreciation for the first year would be 58. Use the following data: Asset cost $120,000 Expected life 4 years Estimated salvage value $12,000 Using the sum-of-the-years-digit method, the amount of depreciation for the third year would be 59. A company purchased a van at a cost of $42,000 and expects it can be sold for $6,000 after 120,000 miles of service. Assuming the units-of-production method is used and the van is driven for 24,000 miles during the first year, the depreciation at the end of the first year would be 60. A farm tractor costing $80,000 is depreciated using the MACRS method. The tractor qualifies as a 3year property, has a scrap value of $20,000, and is depreciated at the following rates: Year 1, 33.33%; Year 2, 44.45%; Year 3, 14.81%; and Year 4, 7.41%. The amount of depreciation to be entered for the second year would be 61. Equipment that has no exchange or sales value, originally cost $875, and has depreciation totaling $700. The transaction to discard the equipment would result in a 62. A personal computer that originally cost $5,000 has no estimated salvage value and was depreciated at the rate of 20% a year. At the end of the third year, the computer was sold for $1,500 cash. The transaction would result in a 63. A delivery truck that cost $26,000 has been owned for 3 years and is traded in for another delivery truck to be used for a similar purpose. Depreciation in the amount of $5,200 has been taken each yeara total of $15,600. If the trade-in value of the old truck is $12,000 and the new truck has a fair market value of $30,000, the new truck would be recorded at 64. A printer that cost $600 and has been owned for 2 years is traded in for a new one. Depreciation in the amount of $120 had been taken each year. The new printer has a fair market value of $1,250. A trade-in allowance of $400 is granted, and the balance is paid in cash. The transaction to enter the exchanges of these two assets would result in the recognition of 65. A coal mine was acquired at a cost of $4,000,000. No salvage value was expected and the estimated number of units available for production was 4,000,000 tons. During the first year, 440,000 tons of coal was mined and sold. The depletion expense for the first year was